SINGAPORE: From next year, the minimum monthly qualifying salary for new Employment Pass ( EP ) applicants will increase to S$ 5,600 ( US$ 4, 200 ), an increase from S$ 5, 000 currently.
The financial services industry requires employees to make at least S$ 6,200 per month, an increase from the current S$ 5,500 threshold. This is in addition to the “higher pay norms” in place.
The new qualifying salary will become effective on January 1, 2026, according to Manpower Minister Tan See Leng, who made the announcement on Monday ( Mar 4 ) for EP renewal applications.
The final increase in EP qualifying pay for new entrants was S$ 500 in September 2022. At the time, there were also raises for fresh Special Go candidates.
During the budget controversy in his ministry, Dr. Tan remarked to parliament,” We guarantee a degree- playing field for locals by regularly updating the qualifying salaries based on the set wage benchmarks.”
The eligible salary for EP candidates is set at the top one-third of salaries for local experts, managers, executives, and technicians, and it rises steadily with time.
The Ministry of Manpower ( MOM) stated in a media release that “it does not lead market wages, but rather is simply adjusted in line with prevailing wage norms.”
The majority of EP holders already make more than the new qualifying salary, it continued, and the change wo n’t have an impact on them.
EXPERTISE PASS and OVERSEAS NETWORKS
Dr. Tan also provided an update on the launch of the Overseas Networks &, Expertise ( ONE ) Pass in January 2023 to attract the best international talent.
As of January 1st, almost 4,200 ONE Go programs have been approved.
High-earners and high-achieving people who have never had a task in Singapore can now sit there thanks to the work complete. Although those with “outstanding successes” in tech, art, education, or activities may not need to meet that need, the minimum monthly wage for the move is S$ 30, 000.
Companies follow skill in a time when talent is limited. The legendary “rainmakers” are our ONE Pass buyers, Dr. Tan said.
” They are the developers of opportunities and they produce good work in their respective fields,” they say, despite not being large in figures.
According to the Manpower Ministry, the ONE Pass certifications were primarily concentrated in growth-oriented industries like funding and information and communication technology.
OVERSEAS WORK Feel
The state does offer two efforts targeted at hundreds of workers for Singaporeans who want to get work experience abroad.
Options like senior management programs and international postings may be supported by the Global Business Leaders Programme. This will assist businesses in developing Malaysian business leaders.
Companies that want to expand abroad may benefit from the Overseas Market Immersion Programme. Employers with little to no prior outside experience will benefit from the program’s assistance in providing them with training for overseas assignments and other types of training.
In the middle of the time, more specifics are anticipated to be made.
It will be “pretty large” to encourage more Singaporeans to take up abroad postings, according to MOM, though details like which sectors will be able to obtain the programs and what positions will be available are being worked out.